ALPHA CREDIT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
ALPHA CREDIT
NACE 64.921, Financial service activities, except insurance and pension funding
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€56.2m
2024 · €42.6m+€13.6m
Equity
€94.9m
2024 · €94.9m-€39,119
Cash
€42.0m
2024 · €33.9m+€8.0m
Balance sheet total
€11.88bn
2024 · €11.20bn+€681.6m
Largest movements
Assets
- Receivables within one year +€449.8m
up €449.8m (+14.3%), from €3.15bn to €3.60bn
of which Trade receivables: +€433.0m
Equity and liabilities
- Debts after one year +€345.1m
up €345.1m (+4.9%), from €7.11bn to €7.46bn
- Current portion of long-term debt +€253.6m
up €253.6m (+9.6%), from €2.65bn to €2.90bn
Income statement
- Turnover +€95.4m
up €95.4m (+13.9%), from €684.7m to €780.1m
- Financial charges +€40.1m
up €40.1m (+13.9%), from €288.8m to €328.9m
- Depreciation +€19.3m
up €19.3m (+14.5%), from €132.7m to €152.0m
- Services and other goods +€15.1m
up €15.1m (+9.1%), from €165.3m to €180.4m
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€42.6m
Turnover
+€95.4m
Other operating income
+€651,840
Goods and materials
-€488,668
Services and other goods
-€15.1m
Staff costs
-€1.8m
Depreciation
-€19.3m
Write-downs
-€6.8m
Provisions
-€504,044
Other operating charges
-€874,279
Other operating items
-€673,970
Financial income
-€761,439
Financial charges
-€40.1m
Taxes
+€3.9m
Result 2025
€56.2m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€275.6m
Investment
-€284.7m
Financing
+€568.3m
Cash 2024
€33.9m
From operations (derived)
-€275.6m
Net result for the year
+€56.2m
Depreciation
+€152.0m
Receivables after one year
-€84.1m
Receivables within one year
-€449.8m
Deferred charges and accrued income
-€6.9m
Smaller working-capital items
-€527,991
Trade debts
+€9.8m
Other debts
+€15.6m
Accrued charges and deferred income
+€32.2m
Investment (derived)
-€284.7m
Investment in fixed assets (net)
-€246.2m
Current investments
-€38.5m
Financing
+€568.3m
Debts after one year
+€345.1m
Current portion of long-term debt
+€253.6m
Short-term financial debts
+€25.8m
Contributions, distributions and other
-€56.3m
Cash 2025
€42.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,202,808,604 | €11,884,362,065 | +€681.6m | +6.1% |
| Fixed assets | 21/28 | €776,968,221 | €871,169,584 | +€94.2m | +12.1% |
| Intangible fixed assets | 21 | €18,569,952 | €16,430,918 | -€2.1m | -11.5% |
| Tangible fixed assets | 22/27 | €573,330,958 | €669,671,355 | +€96.3m | +16.8% |
| Land and buildings | 22 | €191,111 | €165,763 | -€25,348 | -13.3% |
| Plant, machinery and equipment | 23 | €1,180,403 | €629,377 | -€551,026 | -46.7% |
| Furniture and vehicles | 24 | €2,178 | - | -€2,178 | |
| Other tangible fixed assets | 26 | €569,834,371 | €661,551,732 | +€91.7m | +16.1% |
| Assets under construction and advance payments | 27 | €2,122,895 | €7,324,483 | +€5.2m | +245% |
| Financial fixed assets | 28 | €185,067,311 | €185,067,311 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €185,067,311 | €185,067,311 | = | 0.0% |
| Participating interests | 282 | €185,067,311 | €185,067,311 | = | 0.0% |
| Current assets | 29/58 | €10,425,840,383 | €11,013,192,481 | +€587.4m | +5.6% |
| Amounts receivable after more than one year | 29 | €6,941,632,414 | €7,025,736,452 | +€84.1m | +1.2% |
| Trade receivables | 290 | €6,941,632,414 | €7,025,736,452 | +€84.1m | +1.2% |
| Amounts receivable within one year | 40/41 | €3,151,831,784 | €3,601,645,256 | +€449.8m | +14.3% |
| Trade receivables | 40 | €3,107,656,142 | €3,540,609,659 | +€433.0m | +13.9% |
| Other amounts receivable | 41 | €44,175,642 | €61,035,597 | +€16.9m | +38.2% |
| Current investments | 50/53 | €220,000,000 | €258,500,000 | +€38.5m | +17.5% |
| Other investments | 51/53 | €220,000,000 | €258,500,000 | +€38.5m | +17.5% |
| Cash at bank and in hand | 54/58 | €33,920,207 | €41,961,485 | +€8.0m | +23.7% |
| Deferred charges and accrued income | 490/1 | €78,455,978 | €85,349,288 | +€6.9m | +8.8% |
| Total equity and liabilities | 10/49 | €11,202,808,604 | €11,884,362,065 | +€681.6m | +6.1% |
| Equity | 10/15 | €94,946,194 | €94,907,075 | -€39,119 | 0.0% |
| Contributions | 10/11 | €28,592,014 | €28,592,014 | = | 0.0% |
| Capital | 10 | €28,592,014 | €28,592,014 | = | 0.0% |
| Issued capital | 100 | €28,592,014 | €28,592,014 | = | 0.0% |
| Reserves | 13 | €65,018,982 | €64,976,920 | -€42,062 | -0.1% |
| Non-distributable reserves | 130/1 | €3,080,413 | €3,080,413 | = | 0.0% |
| Legal reserve | 130 | €2,951,222 | €2,951,222 | = | 0.0% |
| Other | 1319 | €129,191 | €129,191 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,938,569 | €4,896,507 | -€42,062 | -0.9% |
| Distributable reserves | 133 | €57,000,000 | €57,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,335,198 | €1,338,141 | +€2,943 | +0.2% |
| Provisions and deferred taxes | 16 | €453,915 | - | -€453,915 | |
| Provisions for liabilities and charges | 160/5 | €453,915 | - | -€453,915 | |
| Pensions and similar obligations | 160 | €453,915 | - | -€453,915 | |
| Amounts payable | 17/49 | €11,107,408,495 | €11,789,454,990 | +€682.0m | +6.1% |
| Amounts payable after more than one year | 17 | €7,110,240,000 | €7,455,370,000 | +€345.1m | +4.9% |
| Financial debts | 170/4 | €7,110,240,000 | €7,455,370,000 | +€345.1m | +4.9% |
| Credit institutions | 173 | €7,110,240,000 | €7,455,370,000 | +€345.1m | +4.9% |
| Amounts payable within one year | 42/48 | €3,841,016,959 | €4,145,769,234 | +€304.8m | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €2,649,670,001 | €2,903,270,001 | +€253.6m | +9.6% |
| Financial debts | 43 | €1,016,480,000 | €1,042,300,000 | +€25.8m | +2.5% |
| Credit institutions | 430/8 | €1,016,480,000 | €1,042,300,000 | +€25.8m | +2.5% |
| Trade debts | 44 | €115,278,011 | €125,057,021 | +€9.8m | +8.5% |
| Suppliers | 440/4 | €115,278,011 | €125,057,021 | +€9.8m | +8.5% |
| Advances received on contracts in progress | 46 | €545,191 | €328,955 | -€216,236 | -39.7% |
| Taxes, remuneration and social security | 45 | €7,035,231 | €7,177,391 | +€142,160 | +2.0% |
| Remuneration and social security | 454/9 | €7,035,231 | €7,177,391 | +€142,160 | +2.0% |
| Other amounts payable | 47/48 | €52,008,525 | €67,635,866 | +€15.6m | +30.0% |
| Accrued charges and deferred income | 492/3 | €156,151,536 | €188,315,756 | +€32.2m | +20.6% |
| Operating income | 70/76A | €729,340,973 | €826,279,399 | +€96.9m | +13.3% |
| Turnover | 70 | €684,728,331 | €780,088,924 | +€95.4m | +13.9% |
| Other operating income | 74 | €44,612,642 | €45,264,482 | +€651,840 | +1.5% |
| Non-recurring operating income | 76A | - | €925,993 | +€925,993 | |
| Operating charges | 60/66A | €393,250,257 | €439,694,945 | +€46.4m | +11.8% |
| Goods for resale, raw materials and consumables | 60 | €170,314 | €658,982 | +€488,668 | +287% |
| Purchases | 600/8 | €170,314 | €658,982 | +€488,668 | +287% |
| Services and other goods | 61 | €165,324,230 | €180,387,497 | +€15.1m | +9.1% |
| Remuneration, social security and pensions | 62 | €40,637,043 | €42,432,025 | +€1.8m | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,698,930 | €151,990,666 | +€19.3m | +14.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €54,030,202 | €60,857,951 | +€6.8m | +12.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€957,959 | -€453,915 | +€504,044 | +52.6% |
| Other operating charges | 640/8 | €1,347,497 | €2,221,776 | +€874,279 | +64.9% |
| Non-recurring operating charges | 66A | - | €1,599,963 | +€1.6m | |
| Operating profit (loss) | 9901 | €336,090,716 | €386,584,454 | +€50.5m | +15.0% |
| Financial income | 75/76B | €13,812,490 | €13,051,051 | -€761,439 | -5.5% |
| Recurring financial income | 75 | €13,812,490 | €13,051,051 | -€761,439 | -5.5% |
| Income from financial fixed assets | 750 | €7,907,537 | €8,093,971 | +€186,434 | +2.4% |
| Income from current assets | 751 | €4,630,830 | €3,889,283 | -€741,547 | -16.0% |
| Other financial income | 752/9 | €1,274,123 | €1,067,797 | -€206,326 | -16.2% |
| Financial charges | 65/66B | €288,794,632 | €328,851,520 | +€40.1m | +13.9% |
| Recurring financial charges | 65 | €288,794,632 | €328,851,520 | +€40.1m | +13.9% |
| Debt charges | 650 | €287,620,768 | €327,448,020 | +€39.8m | +13.8% |
| Other financial charges | 652/9 | €1,173,864 | €1,403,500 | +€229,636 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | €61,108,574 | €70,783,985 | +€9.7m | +15.8% |
| Income taxes | 67/77 | €18,459,631 | €14,565,795 | -€3.9m | -21.1% |
| Taxes | 670/3 | €20,288,079 | €21,237,012 | +€948,933 | +4.7% |
| Tax adjustments and reversals of tax provisions | 77 | €1,828,448 | €6,671,217 | +€4.8m | +265% |
| Profit (loss) for the period | 9904 | €42,648,943 | €56,218,190 | +€13.6m | +31.8% |
| Transfer from tax-exempt reserves | 789 | €1,056,471 | €1,039,832 | -€16,639 | -1.6% |
| Transfer to tax-exempt reserves | 689 | €997,770 | €997,770 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,707,644 | €56,260,252 | +€13.6m | +31.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.